MTN Hits ₦16.37 Trillion, Becomes NGX’s Most Valuable Stock
In a historic shift on the Nigerian stock market, MTN Nigeria Communications Plc has surged to become the most capitalised stock on the Nigerian Exchange Limited (NGX), overtaking major blue-chip rivals.
As of February 16, 2026, MTN Nigeria’s market capitalisation climbed to ₦16.37 trillion, placing it firmly at the top of the market leaderboard.
Here’s a detailed breakdown of what’s driving the rally
The New Market Ranking on NGX
According to NGX data, MTN Nigeria now leads the market with ₦16.37 trillion in market capitalisation.
It is followed by BUA Foods Plc at ₦14.38 trillion, while Dangote Cement Plc ranks third at ₦13.5 trillion.
Just months ago in late 2025, MTN averaged about ₦10 trillion in market value and ranked second. The jump to ₦16.37 trillion represents a dramatic re-rating by investors within a short period.
What’s Fueling the Rally?
Pension Reform Boost (Major Catalyst)
The biggest driver is a key policy move by the National Pension Commission (PenCom).
PenCom amended its investment regulations, raising the maximum equity allocation limits for pension funds across major RSA categories.
Fund I’s equity limit was increased from 30 percent to 35 percent.
Fund II moved from 25 percent to 33 percent.
Fund III rose from 10 percent to 15 percent.
Fund VI (Active) increased from 25 percent to 33 percent.
Why this matters is simple:
Pension Fund Administrators control massive liquidity in the financial system. They accounted for roughly 69 percent of domestic institutional flows in 2025. By raising equity limits, PenCom effectively created more room for pension funds to channel capital into listed stocks.
The result? Fresh liquidity flowed into large-cap equities like MTN.
Massive Market-Wide Surge
Between February 9 and February 16, 2026, total market capitalisation on NGX increased by ₦10.47 trillion, pushing overall market value to ₦122.13 trillion.
The NGX All-Share Index also jumped 1.6 percent in a single trading session on February 10, marking its strongest one-day gain since early January 2026.
This rally reflects both early pension portfolio adjustments and broader investor positioning ahead of expected institutional inflows.
MTN’s Share Price Explosion
MTN’s share price appreciated by 36.3 percent to close at ₦779.70 on February 16, 2026, up from ₦572.00 at the end of January 2026.
Notably, the company has not yet released its audited 2025 full-year financial results. This suggests that the rally has been largely liquidity-driven, supported by institutional flows and market sentiment rather than fresh earnings disclosures.
Other Heavyweights Also Benefited
The liquidity injection lifted several other blue-chip stocks.
Airtel Africa Plc stands at ₦8.53 trillion in market capitalisation.
BUA Cement Plc is valued at ₦6.87 trillion.
Seplat Energy Plc has reached ₦5.03 trillion.
Aradel Holdings Plc sits at ₦4.76 trillion.
Guaranty Trust Holding Company Plc is valued at ₦4.29 trillion.
Altogether, MTN and 16 other listed companies account for ₦97.44 trillion of the ₦122.13 trillion total market capitalisation on NGX, showing how concentrated market value is among large-cap names.
What Analysts Are Saying
Cordros Research noted that pension funds were already approaching their previous equity ceilings, while alternative investment instruments such as infrastructure funds and private equity vehicles were limited in supply.
As a result, there was excess liquidity within the system. The upward revision in equity limits effectively created a release valve, allowing pension funds to deploy idle capital into equities.
Analysts estimate that cumulative net inflows into equities could reach ₦2.18 trillion in 2026. Pension equity holdings are projected to rise by 55 percent year-on-year to about ₦6.14 trillion by December 2026.
This suggests that pension funds could remain a consistent and powerful buyer in the market over the near to medium term.
Why MTN Benefited the Most
Large, liquid, blue-chip stocks are typically the first destination for institutional capital. MTN fits perfectly into that profile.
It has one of the largest market capitalisations on NGX, strong trading liquidity, sector leadership in telecoms, and a resilient earnings outlook.
With valuations still considered attractive by many analysts, institutional demand naturally tilted heavily toward MTN.
Big Picture Takeaway
MTN’s rise to ₦16.37 trillion signals a structural liquidity shift within Nigeria’s capital market. Pension reforms have strengthened institutional participation and reinforced confidence in large-cap equities.
However, sustainability will depend on continued pension inflows, MTN’s upcoming 2025 financial results, and broader macroeconomic conditions.
The big question now is whether this liquidity-driven rally evolves into a fundamentally supported long-term re-rating.
In a historic shift on the Nigerian stock market, MTN Nigeria Communications Plc has surged to become the most capitalised stock on the Nigerian Exchange Limited (NGX), overtaking major blue-chip rivals.
As of February 16, 2026, MTN Nigeria’s market capitalisation climbed to ₦16.37 trillion, placing it firmly at the top of the market leaderboard.
Here’s a detailed breakdown of what’s driving the rally
The New Market Ranking on NGX
According to NGX data, MTN Nigeria now leads the market with ₦16.37 trillion in market capitalisation.
It is followed by BUA Foods Plc at ₦14.38 trillion, while Dangote Cement Plc ranks third at ₦13.5 trillion.
Just months ago in late 2025, MTN averaged about ₦10 trillion in market value and ranked second. The jump to ₦16.37 trillion represents a dramatic re-rating by investors within a short period.
What’s Fueling the Rally?
Pension Reform Boost (Major Catalyst)The biggest driver is a key policy move by the National Pension Commission (PenCom).
PenCom amended its investment regulations, raising the maximum equity allocation limits for pension funds across major RSA categories.
Fund I’s equity limit was increased from 30 percent to 35 percent.
Fund II moved from 25 percent to 33 percent.
Fund III rose from 10 percent to 15 percent.
Fund VI (Active) increased from 25 percent to 33 percent.
Why this matters is simple:
Pension Fund Administrators control massive liquidity in the financial system. They accounted for roughly 69 percent of domestic institutional flows in 2025. By raising equity limits, PenCom effectively created more room for pension funds to channel capital into listed stocks.
The result? Fresh liquidity flowed into large-cap equities like MTN.
Massive Market-Wide SurgeBetween February 9 and February 16, 2026, total market capitalisation on NGX increased by ₦10.47 trillion, pushing overall market value to ₦122.13 trillion.
The NGX All-Share Index also jumped 1.6 percent in a single trading session on February 10, marking its strongest one-day gain since early January 2026.
This rally reflects both early pension portfolio adjustments and broader investor positioning ahead of expected institutional inflows.
MTN’s Share Price ExplosionMTN’s share price appreciated by 36.3 percent to close at ₦779.70 on February 16, 2026, up from ₦572.00 at the end of January 2026.
Notably, the company has not yet released its audited 2025 full-year financial results. This suggests that the rally has been largely liquidity-driven, supported by institutional flows and market sentiment rather than fresh earnings disclosures.
Other Heavyweights Also BenefitedThe liquidity injection lifted several other blue-chip stocks.
Airtel Africa Plc stands at ₦8.53 trillion in market capitalisation.
BUA Cement Plc is valued at ₦6.87 trillion.
Seplat Energy Plc has reached ₦5.03 trillion.
Aradel Holdings Plc sits at ₦4.76 trillion.
Guaranty Trust Holding Company Plc is valued at ₦4.29 trillion.
Altogether, MTN and 16 other listed companies account for ₦97.44 trillion of the ₦122.13 trillion total market capitalisation on NGX, showing how concentrated market value is among large-cap names.
What Analysts Are Saying
Cordros Research noted that pension funds were already approaching their previous equity ceilings, while alternative investment instruments such as infrastructure funds and private equity vehicles were limited in supply.
As a result, there was excess liquidity within the system. The upward revision in equity limits effectively created a release valve, allowing pension funds to deploy idle capital into equities.
Analysts estimate that cumulative net inflows into equities could reach ₦2.18 trillion in 2026. Pension equity holdings are projected to rise by 55 percent year-on-year to about ₦6.14 trillion by December 2026.
This suggests that pension funds could remain a consistent and powerful buyer in the market over the near to medium term.
Why MTN Benefited the Most
Large, liquid, blue-chip stocks are typically the first destination for institutional capital. MTN fits perfectly into that profile.
It has one of the largest market capitalisations on NGX, strong trading liquidity, sector leadership in telecoms, and a resilient earnings outlook.
With valuations still considered attractive by many analysts, institutional demand naturally tilted heavily toward MTN.
Big Picture Takeaway
MTN’s rise to ₦16.37 trillion signals a structural liquidity shift within Nigeria’s capital market. Pension reforms have strengthened institutional participation and reinforced confidence in large-cap equities.
However, sustainability will depend on continued pension inflows, MTN’s upcoming 2025 financial results, and broader macroeconomic conditions.
The big question now is whether this liquidity-driven rally evolves into a fundamentally supported long-term re-rating.